12:36 - 12.05.2023

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May 12, Fineko/abc.az. SOCAR invested $70 million in digitalization in Türkiye alone, ABC.AZ reports, quoting SOCAR Türkiye’s CEO Elchin Ibadov.

According to Ibadov, it is not the volume of investments that is more important, but their effectiveness, significance and sustainability.

"In terms of return on investments, I think SOCAR Türkiye has shown great results. Naturally, the market conditions were effective, but at the same time, the presence of certain compromises allowed us to achieve these results. $6.7 million was invested in the STAR refinery alone. Currently, 25% of the Turkish petrochemical market accounted for the Star refinery and 12% for Petkim," Ibadov said.

He noted that Petkim's market share was 18% two years earlier. The main cause of the reduction is the growth of the Turkish petrochemical market:

"In general, this indicator suggests that the Turkish petrochemical market has greater potential."